10:38 ET – Natural-gas prices slightly extend earlier declines, down 3% at $2.118/mmBtu after a weekly EIA storage report that came in bearish compared with forecasts but bullish compared with historical averages. The US government agency says gas inventories fell by 47B cubic feet last week versus forecasts in a WSJ survey for a 56-bcf decline, and a five-year-average withdrawal of 17-bcf. Total inventories now stand at 1.853 trillion cubic feet, narrowing a bearish storage surplus to 21% above normal versus a 23% overhang through the previous week. (dan.molinski@wsj.com)
Natural Gas Falls Ahead of EIA Storage Report
0834 ET – Natural gas markets begin the day with a new front-month contract, as the April contract expired yesterday at a 30-month-low $1.991/mmBtu. That pushes the May contract into the front-month role, and it’s trading 2% lower at $2.140/mmBtu. Investors now await a weekly EIA storage report at 10:30am ET. Analysts surveyed by WSJ are forecasting the data will show a bullish, 56 billion cubic feet withdrawal that would be more than three times higher than the normal 17-bcf decline for that week. If confirmed, that would narrow a storage surplus to 20% above normal from the current 23% overhang, and could help prevent the front-month contract from slipping below the $2 level. (dan.molinski@wsj.com)
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